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Due to traders’ profit-taking, Filecoin fell before falling to its previous record high ($273.57).
FIL market outlook
This FIL/USD exchange rate Despite hitting the second high of US$239.94 on the same trading day, it still fell 2.82% on Thursday’s close. In the case of a decline in bids, traders began to ensure profits at the highest local level, resulting in a decline of 22.65% before the end of the trading session.
Friday was slightly better because Filecoin tried to rebound briefly.This coin In the process of retesting the recent high of $239.94, we successfully floated above the new support area near $180. The recovery after the overnight sell-off appears to be part of the upward trend in the overall US stock market. Altcoins market.
Further reading: TA: Ethereum re-raised 2K USD, why the bull has not finished yet.
The price action shows investors’ continued trust in the Filecoin ecosystem. Usually, it is a platform that allows users to sell their excess digital space on an open platform. Storage providers and users use FIL tokens to conduct transactions on their blockchains.
At the same time, the upper limit of FIL’s supply is limited to 2 billion tokens. About 600 million of these foreign investments remain in Filecoin’s parent company Protocol Labs (with 6-year linear vesting), its team and investors (also with 6-month to 6-year linear vesting). At the same time, Filecoin has allocated approximately 2.5% of a total of 600 million foreign currencies to raise funds or develop the ecosystem.
The rest of the FIL power supply is stored on the Filecoin protocol for trading, so as to ensure that the token has specific practicality and long-term value.
Institutional accumulation brings retailers
Grayscale Investments Introduced Filecoin Trust A series of similar encryption-enabled services were launched in March. In retrospect, the company enabled institutional investors to gain exposure to the FIL market without having to purchase or manage tokens. This prompted Grayscale to increase its FIL reserve, reflecting the institution’s interest in the Filecoin project.
Two weeks after its launch, Grayscale Filecoin Trust added 45,550 FIL to its reserves. The company continues to hold it, showing that there is no specific selling pressure from institutions. This indicates the latest FIL plunge in the retail market.
China’s fintech reporter Wu Blockchain (Wu Blockchain) Say The demand for FIL tokens comes from the mainland.
“China is crazy about Filecoin, and its 24-hour growth is over 30%, reaching a maximum of $236. FIL’s 24-hour trading volume on China’s largest exchange, Huobi, reached $24.2b, almost the second ETH$8.8b Bitcoin$ 7.8b tripled the trading volume. Binance FIL’s short-selling leveraged token FILDOWN plummeted by 53% to a turnover of US$3.4 billion, indicating that Binance has conducted a large number of FIL short liquidations.”
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